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After Yesterday's Rally of 4.30% Shares Could Potentially Pullback

By Nick Russo

SPDR S&P Metals & Mining ETF (AMEX:XME) traded in a range yesterday that spanned from a low of $23.91 to a high of $24.56. Yesterday, the shares gained 4.3%, which took the trading range above the 3-day high of $23.75 on volume of 4.6 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, shares of SPDR S&P Metals & Mining ETF have traded between a low of $11.38 and a high of $38.26 and are now at $24.49, which is 115% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 3.0% while the 200-day MA has risen 0.2%.

SmarTrend is monitoring the recent change of momentum in SPDR S&P Metals & Mining ETF. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of SPDR S&P Metals & Mining ETF in search of a potential trend change.

Keywords: rebounders amex:xme spdr s&p metals & mining etf

Ticker(s): XME